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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Wipro in focus after securing contract from Woodside
Dec 02,2016

Wipro said that it has been awarded a three-year IT infrastructure services and digital transformation contract by Woodside, an Australian oil and gas company. The announcement was made after market hours yesterday, 1 December 2016.

Reliance Industries (RIL) will be in spotlight as the companys telecom unit Reliance Jio Infocomm (Jio) announced that it has crossed 5 crore subscribers in just 83 days from commencement of services on 5 September 2016. The average rate of addition of 6 lakh subscribers per day is the fastest achieved by any technology company in the world including the likes of Facebook, WhatsApp and Skype. The announcement hit the exchanges at the fag end of the market hours yesterday, 1 December 2016.

On this occasion, Jio also announced the launch of Jio Happy New Year Offer (JNO), which will be effective from 4 December 2016. All the Jio subscribers will be entitled to certain special benefits under the JNO, which shall comprise of Jios Data, Voice, Video and the full bouquet of Jio applications and content, absolutely free, up to 31 March 2017. During this offer period, Jio and Jio customers, will be able to continue the journey of co-creating and building the best network experience together.

The benefits will be available to all subscribers signing up for Jio services up to 3 March 2017. The existing Jio Welcome Offer (JWO) users will continue to enjoy the unlimited benefits under JWO up to 31 December 2016, following which they would be automatically signed-up for the JNO as well. Reliance Jio Infocomm, doing business as Jio, is a LTE mobile network operator in India. It is a wholly owned subsidiary of RIL.

IndusInd Bank announced that it proposes to raise funds by issue and allotment of senior unsecured redeemable non-convertible long term bonds in the nature of debentures (infrastructure bonds) for cash aggregating to Rs 1500 crore on private placement basis. The said borrowing shall be within the overall borrowing limits of the bank as may be approved by the shareholders from time to time. The announcement was made after market hours yesterday, 1 December 2016.

Coal India and its subsidiaries achieved 93% of targeted production at 50 million tonnes in November 2016. The company achieved 97% of targeted offtake at 48.16 million tonnes in November 2016. The announcement was made after market hours yesterday, 1 December 2016.

Tata Motors announced that its passenger and commercial vehicle total sales (including exports) in November 2016 were at 38,900 units, almost flat compared with 38,918 vehicles sold in November 2015. The announcement was made after market hours yesterday, 1 December 2016.

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No limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance
Dec 02,2016

In order to remove any doubt about the current position of Income Tax Law with respect to gold jewellery and ornaments, the following points are hereby categorically clarified:

(a) There is no limit on holding of gold jewellery or ornaments by anybody provided it is acquired from explained sources of income including inheritance

(b) Vide circular dated 11 May 1994, instructions have been issued in the matter of search and seizure of gold jewellery.

(c) Jewellery and ornaments to the extent of 500 gms for married lady, 250 gms. for unmarried lady and 100 gm for male member will not be seized, even if prima facie, it does not seem to be matching with the income record of the assesse.

(e) Officer conducting search has discretion not to seize even higher quantity of gold jewellery based on factors including family customs and traditions.

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5791.54 MU Electricity generated by Cumulative Solar Installations till September 2016
Dec 01,2016

As per information received from Central Electricity Authority (CEA), 5791.54 MU electricity is produced by cumulative solar installations in the country from April 2016 to September 2016.

Quantum of electricity produced by cumulative solar installations in the country is given below

YearEnergy generation (MU)2015-167447.922016-17 *5791.54

* from April-2016 to September, 2016.

Also, comparative percentage of solar energy produced during the last three years and the current year of all renewable energy generation during the period is given below:-

YearSolar Energy generation (MU)Total Renewable Energy generation (MU)% of Solar energy produced2013-143353.8053224.506.3%2014-154599.0261784.937.4%2015-167447.9265780.8511.3%2016-17*5791.5447627.2912.2%

* from April-2016 to September, 2016. (Tentative data received from CEA)

The grid connected solar power  installation capacity during the last three years is given below:

YearSolar Capacity Installed in MW2013-14947.462014-151112.072015-163018.882016-171965

(as on 31.10.2016)

The infrastructure for power evacuation and transmission is taken by state and Centre Transmission Utilities. Government has taken up project for development of Green Energy Corridors in 8 States dedicated for Renewable Energy including Solar energy. The Indian solar market is growing in size, he added.

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Bharatiya Global Infomedia announces change in CFO
Dec 01,2016

Bharatiya Global Infomedia announced that the following:

1. Bharti Partha Saha has resigned from the post of Chief Financial officer due to her preoccupancies.

2. The Company has appointed Sudhir Kumar Singh as a chief Financial officer.

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Mayur Floorings appoints company secretary cum compliance officer
Dec 01,2016

Mayur Floorings has appointed Company Secretary cum Compliance Officer w.e.f 21 November 2016.

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Reliance Jio Infocomm provides business update
Dec 01,2016

Reliance Jio Infocomm announced that it has crossed 50 million subscribers in just 83 days from commencement of services on5 September 2016. The average rate of addition of 6 lakh subscribers per day is the fastest achieved by any technology company in the world including the likes of Facebook, WhatsApp and Skype.

Jio has successfully rolled out eKYC across 2 lakh outlets in India, thereby allowing activation of SIM to get completed in under 5 minutes. More than 95% of the activations are being done in a paperless manner through eKYC. The Company is in the process of doubling the network,to 4 lakh digitally enabled outlets by March 2017.

Jio customers can benefit from the Mobile Number Portability facility such that they can retain their existing number when they migrate to Jio. Jio has also introduced Home Delivery of Jio SIMs, so that the enterprise and high-end customers can get a Jio SIM home-delivered and activated in 5 minutes through eKYC. This feature is being progressively launched acrossIndia through MyJio application and will be available in top 100 cities by 31 December 2016.

Jio also announced the launch of Jio Happy New Year Offer (n++JNOn++), which will be effective from 4 December 2016. All the Jio subscribers will be entitled to certain special benefits under the JNO, which shall comprise of Jios Data, Voice, Video and the full bouquet of Jio applications and content, absolutely free, up to 31 March 2017.

The benefits will be available to all subscribers signing up for Jio services up to 3 March 2017. The existing Jio Welcome Offer (n++JWO) users will continue to enjoy the unlimited benefits under JWO up to 31 December 2016, following which they would be automatically signed-up for the JNO as well.

Jio also announced the launch of the Jio Money Merchant Solution. This solution provides access to Jios suite of services, including customised offerings such as digital money, for a very important segment of the Indian economy. This will enable digital transactions of all types,whether they be at Mandis, small shops, restaurants, Railway ticket counters, for Bus and mass transit and even for person-to-person money transfers.

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Indo Amines announces resignation of director
Dec 01,2016

Indo Amines announced that Suresh Iyer has resigned as the Independent Director w.e.f 28 November 2016.

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Navkar Corporation announces demise of director
Dec 01,2016

Navkar Corporation announced about the sad demise of Rameshchandra Meghraj Purohit, Non-Executive Independent Director of the Company, on 30 November 2016.

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Triton Valves wins Q Award (Quality Gold Consistency Award)
Dec 01,2016

Triton Valves announced that the Company received the Q Award (Quality Gold Consistency Award) from Bajaj Auto. The Award was received by Aditya. M Gokarn - Managing Director of the Company on 30 November 2016 at the event held in Pune.

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Tinna Rubber & Infrastructure appoints company secretary
Dec 01,2016

Tinna Rubber & Infrastructure announced that K.C. Madan is being appointed as Company Secretary and Compliance officer of the Company with effect from 01 December 2016

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Murad Properties & Projects announces resignation of company secretary
Dec 01,2016

Murad Properties & Projects announced that Ankit Vinod Bansal was resigned from the post of Company Secretary of the company with effect from 30 November 2016.

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Multi Commodity Exchange of India gets SEBI approval for appointment of Chairman
Dec 01,2016

Multi Commodity Exchange of India announced that SEBI vide its letter dated 01 December 2016 has accorded its approval to the appointment of Saurabh Chandra as Chairman of the Governing Board of the Company in terms of the Clause 6.3.3 of SEBI circular dated 13 December 2012.

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Rupee marches further ahead
Dec 01,2016

Rupee closed higher at 68.34/35 per dollar on Thursday (01st December 2016), versus its previous close of 68.39/40 per dollar.

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PTL Enterprises announced change in directorate
Dec 01,2016

PTL Enterprises announced that the Company have received an order dated 02 November 2016 on 01 December 2016 from Govt, of Kerala, which states that earlier order issued (dated 04 October 2016) by the Govt. of of Kerala nominating Nazaruddin K. on the Board of Directors of the PTL Enterprises stands cancelled.

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Maharashtra Seamless announces change in direcorate
Dec 01,2016

Maharashtra Seamless announced that S P Raj has resigned as Whole Time Director of the Company and has been relieved on 30 November 2016. However, he will continue as Non Executive Director of the Company.

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